“The Federal Reserve is behind the curve,” said Greg McBride, chief financial analyst at Bankrate.com. “They have to raise interest rates a lot — and in a hurry.”
The federal funds rate, which is set by the central bank, is the interest rate at which banks borrow and lend to one another overnight. Although that’s not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day.
“Rising interest rates mean borrowing…